FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You invest $1191 for a period of 10 years, after which it has grown to $3772. If interest was compounded annually, what was the average

You invest $1191 for a period of 10 years, after which it has grown to $3772. If interest was compounded annually, what was the average rate of interest earned? (Round your final answer to two decimal places).

a.

25.93%

b.

7.99%

c.

12.22%

d.

5.93%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Governance Of Financial Management

Governance Of Financial Management

Authors: John Carver, Miriam Carver

1st Edition

0470392541, 9780470392546

More Books

Students also viewed these Finance questions

Question

★★★★★
Look at the spot interest rates shown in Problem 25. Suppose that someone told you that the five-year spot interest rate was 2.5%. Why would you not believe him? How could you make money if he was...

Answered: 1 week ago

Question

★★★★★
If you had an MS for your main effect of 12.4 and an MS for the error term of 3.1, what would your F-value be? (a) 6.2 (b) 4.1 (c) 3.1 (d) 4

Answered: 1 week ago

Question

★★★★★
Hamleys Toy Store is on Regent Street in London. It has a magic department near the main door. Suppose that management is considering dropping the magic department, which has consistently shown an...

Answered: 1 week ago

Question

★★★★★
Revenues generated by a new fad product are forecast as follows: Year Revenues $40,000 30,000 20,000 5,000 Thereafter Expenses are expected to be 40% of revenues, and working capital required in each...

Answered: 1 week ago

Question

★★★★★
Office elegance is a privately-owned specialty manufacturer of high-end office furniture for computer users who care about elegant office space. Their customers are in all levels of business that can...

Answered: 1 week ago

Question

★★★★★
What corrections would need to be made to the legal citation Doniphan v. Restler, 489 Conn. Cir. 522 (1983)?

Answered: 1 week ago

Question

★★★★★
Research the "Span of Control" theory of Vytautas Andrius Graiciunas (1898-1952) a Lithuanian-French management consultant, management theorist, and engineer. and answer the following three questions...

Answered: 1 week ago

Question

★★★★★
How should you go about assigning a date to each task? a. Work backward from your project's deadline. b. Projects to be completed in two weeks or less don't usually need dates. c. Only assign dates...

Answered: 1 week ago

Question

★★★★★
A three colour spinner was spun 90 times. The outcomes are summarized in the table below: What is the experimental probability of spinning Red? Colour Frequency Blue 5n Black 30n Red 10n

Answered: 1 week ago

Question

★★★★★
Abdulah is doing a research study on anxiety and eating. He has done the same study for the last 10 years and the results are consistently the same each time. Abdulah's research study and methods...

Answered: 1 week ago

Question

★★★★★
What kinds of issues would you be faced with if you were given an overseas assignment to Japan or Thailand? What would you do to prepare? How would this be different if the assignment were in Canada...

Answered: 1 week ago

Question

★★★★★
4.4 Summarize the components of a job description.

Answered: 1 week ago

Question

★★★★★
In some organizations, cultural diversity efforts meet with resistance from key managers and employees. Identify at least one reason for this resistance and recommend ways it can be overcome. Support...

Answered: 1 week ago

Previous Question Next Question